The Chicago soybean complex tracked losses in the crude oil market, while Malaysian palm oil diverged as strong exports provided support.
The September soybean contract on the Chicago Board of Trade dipped 0.79% to $11.64 per bushel in early trade. The September CBOT soybean oil contract retreated 0.51% to 68.44 cents per pound.
Wet weather forecasts, reducing dry conditions and supporting crop growth, also weighed on prices.
For the week ended Aug. 2, the US Department of Agriculture reported that 63% of the soybean crop remained in good-to-excellent condition, unchanged from the previous week's level. The figure also came in lower than last year's 69%.
The agency also reported that soybean export inspections for the week ended July 30 decreased to 343,941 metric tons, compared with the prior week's 365,720 mt and last year's 628,403 mt.
For the current marketing year though July 30, export inspections have remained lower at 39.3 million metric tons, relative to the previous season's 47.9 mmt.
Nonetheless, sales to China have picked up following large purchases by importers. At least 13 cargoes, equivalent to 800,000 mt, were bought on Friday, bringing new-crop US sales to China to about 5 mmt, according to traders cited by Reuters.
"On balance, strong exports and low good-to-excellent ratings provide underlying support for US soybeans, though pressure from improving weather remains," price reporting agency MySteel said.
In Asia, Malaysian palm oil futures jumped more than 1% on Tuesday amid robust exports and higher Indian demand.
Ending a two-session loss, the Bursa Malaysia Derivatives' September crude palm oil contract climbed 1.37% to 4,652 Malaysian ringgit ($1,136.02) per metric ton. The October contract firmed 1.45% to 4,696 ringgit/mt.
India's edible oil imports reached their highest level in 10 months in July as buyers scaled up purchases ahead of festivities, with dealers cited by Reuters estimating a 50% month-over-month jump in palm oil imports to 733,000 mt and a 32% growth in soybean imports to 501,000 mt.
Indian buyers have reportedly started rebuilding inventories to meet peak demand during the upcoming festival season, occurring between August and November, the news agency reported, citing Sunvin chief executive Sandeep Bajoria.
Robust exports from top producing regions also lifted prices. Indonesia recorded a year-over-year increase in its H1 exports of crude and refined palm oil to 11.3 mmt, compared with the 2025 level of 11.0 mmt, data from the statistics bureau showed.
In July, however, exports posted a year-over-year drop to 2.4 mmt from 2.7 mmt, with analysts projecting a further decline in the coming months as a higher biodiesel blending of 50% progresses.
In Malaysia, cargo surveyors reportedly estimated July shipments to have risen between 12.1% and 19.5% from a month earlier, while a Reuters survey showed a 14.8% growth.
However, the survey also indicated a 7.4% month-over-month increase in production, resulting in a buildup in inventories, which likely reached a five-month high during the period.
Inventories could begin declining once the peak production season ends in Q4 and when a developing El Nino weather phenomenon starts to impact yields, providing price support in the forward months.
Meanwhile, September ethanol prices on the NYMEX rebounded 1.03% to $1.97 per gallon on Monday, ending two sessions of losses.